Orion Seeks Recapitalization: Orion Pictures Corp. made...

Orion Seeks Recapitalization: Orion Pictures Corp. made exchange offers for about $285 million in subordinated debt. Debt holders would receive $750 principal amount on debentures due in 1998 and between 37 and 42 shares of Orion common stock (now at $8.625) for each $1,000 of debt. The offer, which expires June 18, is designed to cut debt and increase shareholder equity. Most of the bonds are trading at about 60 cents on the dollar. Metromedia Inc., the 68% shareholder of Orion, supports the proposal, which is conditioned on 80% of the debt being tendered.